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NM-This is a traders chart if I ever saw one. It generated a buy signal Friday at $3.95 and the risk/reward is very much in the traders favor. As far as your question goes it I think could still make another low below $3.82 but I should also add that the double top at $4.62 makes it difficult to say it's actually going to happen. Personally if I were going to trade this I'd wait just a little bit longer, maybe just a break of $4 to make sure this is not a head fake and start to scale in. Looks like it could have some rather stiff resistance around $4.15-$4.20 but if this is going to go it should break through early resistance with no problem. Another reason I like this play is because the buy signal came so close to a natural stop it's almost a no brainer, just make sure you use the stop if necessary, good luck.
Reading through my email I see a small problem I wanted to mention. Without throwing anyone under the bus if you don't think /ES made a new high yesterday you most likely don't have your chart set up correctly. Somewhere on the platform you're using you should see a box for all futures charts that says "adjust for contract changes" or something to that effect. You have to check that box.
Any individual tickers you guys want charts for?
TVIX and UVXY should be watched Monday Morning.
This is the last thing I wanted to see from /NG. If this takes off from here we're going to have to be ready for either a C-Wave or a 3rd Wave. It would be so much easier to trade if we got a test of $2.50 or even $2.468. It really doesn't matter as long this DB doesn't stay in place. I did consider a DB at $2.475 but honestly didn't think we'd see one above that level. So we're just gonna have to see how this plays out but no matter what happens I still believe we're close to a bottom if we don't have one already.
Right now the key level for GC is 1184, break that and we should be on our way. There is a chance we see slightly lower levels before moving higher but over 1184 would be a strong signal it's time for this flipping 3rd wave we've been waiting for.
****READ THIS****
I want to put this out there just in case it happens and I'm not around. This is not my expectation but you all should be aware of the possibility. If and that's a big if gold makes a new low from here it would signal a long term bottom. It would most likely be around $1125 and barring any extensions would signal the BOTTOM of this 3 year retrace. Again this is not my expectation but it is possible.
Any questions about Nat Gas or Oil?
Guys I've been busy and couldn't trade most of the week but I plan on being back Monday.
Not to skirt your question but I thought they had already started to that.
I have between $60 and $61 as the target for the high and that's not bad considering we've been looking for $60 since the lows.
Take a look at the rising trendline support since the $2.475 low, bending yes, breaking-not yet anyway. You're also right about me being bullish on Nat Gas from these levels. I love the fact the the preponderance of traders are bearish right now. I've never known most to be bullish at lows so maybe I'm right, guess we'll find out soon enough.
I said there are TWO possibilities. Either we already have a low in at $2.475 or we're going to make a DB or new low below $2.475. My guess is that we already have a bottom based on the MACD.
1. We already have a bottom in place at $2.475 and we're working on the purple count.
2. $2.475 was only the bottom of Wave 3 for the Green count and we're now working on the final wave lower which means the new bottom will be at or below $2.475. The most likely place would be one of the two light blue trend lines.
I see you're point. I'm already well along into my UGAZ play and have already decided to continue to accumulate regardless what happens.
My guess is higher based on the MACD but frankly that's a guess. Either way I'm holding that I have.
Like I was saying there's only two possibilities left for nat gas IMO.
1. We already have a bottom in place at $2.475 and we're working on the purple count.
2. $2.475 was only the bottom of Wave 3 for the Green count and we're now working on the final wave lower which means the new bottom will be at or below $2.475. The most likely place would be one of the two light blue trend lines.
3. THIS IS IMPORTANT. No matter what happens in the near future I have at least a $5 target for NG.
There is only two possibilities remaining for Nat Gas. Need to clean up my chart and I'll post the most recent version.
Good afternoon EST, what's going on?
MIEP still looks good IMO. Today was nothing more than a retest of support after the breakout of the last channel. Notice it's still soundly in the new channel and pulled back almost exactly to the 38.2 fib line. That's just about the perfect place for a 4th wave to come to rest. The RSI reset and the MACD is still well above the zero line ready for the next move higher. The 20 is on top of the 50 and it didn't even touch the 50 yet so it all looks good IMO. All it just needs to follow through so it doesn't make a liar out of me and we'll be good.
Nice snag this morning on DWTI, perfect timing and that took balls to step in front less than $1 off the high. Well Done.
CL not looking good IMO
That was a huge amount of volume but it didn't move it a lot. Like I said earlier today. It's sitting at critical support and even if it bounces I don't see much upside, like maybe .50 (from right here). IMO this is a dangerous trade at the moment. I honestly feel like waiting for the move higher and loading the crap out of TVIX/UVXY is the right move. Of course I could be wrong about my timing but you can always buy back in. If it VXX gaps down in the morning there's nothing you can do. All just my opinion of course but I just think this is a bad spot to take a risk.
LOL it sure did lol, LUCK.....
Thinking ENZN could see a gap tomorrow as well.
Another good one, been stalking it today as well.
BIOC d/t $3.17
APPY could see a run here and close at HOD
enzn picked up 1k at $1.40
10 shares of VLTCW give you 1 share of VLTC at $6.50
Very nice, we had a guy posting on this way back when. If he's still holding I'm sure he's making a KILLING.
Listen guys, all of you trading TVIX/UVXY. The markets are in a very very bullish posture. It doesn't mean they're going to follow through cause we've been here before but I feel like I need to warn the board just in case. VXX is at critical support and ES is pending a breakout. If it goes from here it will run hard, i'm just being honest. XIV is still the play for a bit longer and as soon as we reach the next higher target area the bears will have their day (days) but right now is not the time to get bold. So if your long TVIX/UVXY you should most certainly be in a defensive mode until we find out what gonna happen here.
Well it's not that easy but I understand what you're saying. You should watch VLTCW..............
CL should stay under $57 if we're going to continue this move lower.